HC Wainwright Reaffirms Neutral Rating for Alkermes (NASDAQ:ALKS)

HC Wainwright reissued their neutral rating on shares of Alkermes (NASDAQ:ALKS) in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a $35.00 price objective on the stock.

Other research analysts have also issued research reports about the company. StockNews.com lowered Alkermes from a strong-buy rating to a buy rating in a report on Friday, February 23rd. Robert W. Baird initiated coverage on shares of Alkermes in a research note on Tuesday, March 19th. They issued an outperform rating and a $37.00 target price for the company. Jefferies Financial Group boosted their price target on shares of Alkermes from $42.00 to $50.00 and gave the stock a buy rating in a research note on Tuesday, April 9th. Piper Sandler reissued an overweight rating and set a $39.00 price target on shares of Alkermes in a report on Monday, April 1st. Finally, TheStreet raised Alkermes from a c+ rating to a b rating in a report on Thursday, February 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $35.38.

Alkermes Stock Performance

NASDAQ:ALKS traded up $0.19 during trading hours on Thursday, reaching $24.05. 1,347,148 shares of the company’s stock were exchanged, compared to its average volume of 1,894,260. The company has a quick ratio of 2.50, a current ratio of 3.13 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $4.07 billion, a price-to-earnings ratio of 9.51, a P/E/G ratio of 0.66 and a beta of 0.61. Alkermes has a 1-year low of $22.01 and a 1-year high of $33.71. The company has a 50-day moving average of $26.73 and a 200 day moving average of $26.74.

Alkermes (NASDAQ:ALKS) last announced its earnings results on Wednesday, May 1st. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.15). The business had revenue of $350.37 million for the quarter, compared to analyst estimates of $360.26 million. Alkermes had a return on equity of 20.31% and a net margin of 25.17%. Alkermes’s quarterly revenue was up 21.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.10) EPS. Research analysts anticipate that Alkermes will post 2.22 EPS for the current year.

Alkermes announced that its board has authorized a share repurchase program on Thursday, February 15th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 8.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, SVP Christian Todd Nichols sold 10,417 shares of Alkermes stock in a transaction on Monday, March 18th. The stock was sold at an average price of $28.10, for a total transaction of $292,717.70. Following the completion of the transaction, the senior vice president now directly owns 65,911 shares of the company’s stock, valued at $1,852,099.10. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 4.76% of the company’s stock.

Hedge Funds Weigh In On Alkermes

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Emerald Advisers LLC purchased a new position in shares of Alkermes during the 3rd quarter worth approximately $27,000. CWM LLC grew its holdings in Alkermes by 147.5% during the 3rd quarter. CWM LLC now owns 1,037 shares of the company’s stock valued at $29,000 after buying an additional 618 shares during the last quarter. McGlone Suttner Wealth Management Inc. purchased a new position in Alkermes during the fourth quarter worth $30,000. GAMMA Investing LLC acquired a new position in shares of Alkermes in the fourth quarter worth $35,000. Finally, C M Bidwell & Associates Ltd. acquired a new position in shares of Alkermes in the third quarter worth $37,000. Institutional investors and hedge funds own 95.21% of the company’s stock.

About Alkermes

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in therapeutic areas in the United States, Ireland, and internationally. It has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical product candidates in development for neurological disorders.